Definitions
This agreement is entered into between a company who owns the trade name, concepts and methods (such as recipes, formulas and systems) involved in a business and an individual who wants to carry on the business at one or more locations.
What is a franchise agreement?
This form of corporation only exists in the US, and not Canada.
This legislation governs limited partnerships.
What is the Limited Partnerships Act?
An unincorporated business operated by an individual known as the sole proprietor.
What is a sole proprietorship?
This individual is granted the right to use idea, design, formula, or other thing is granted by owner.
What is a licensee?
What is a firm?
This provincial piece of legislation that will determine matters if there is no partnership agreement of if the partnership agreement is silent on an issue
What is the Partnerships Act?
A contractual relationship involving two or more persons carrying on business in common with a view to profit
What is a partnership?
A type of business undertaking where two or more participants, which can be individuals, partnerships or corporations, join together to carry on business for a specific and common purpose
What is a joint venture?
A partnership in which each partner has unlimited liability
What is a general partnership?
This legislation prohibits anti-competitive activities and protects the market system.
What is the Competition Act?
This business form is restricted to professionals whose governing statutes permit them to practise as this business form
What is a limited liability partnership?
This form of registration of an ownership in real property by two or more persons whereby each person may deal separately with their interest in that property
What is tenancy in common?
Another name for a limited partner in a limited partnership.
Who is a silent partner?
This provincial piece of legislation requires business to report consumer product safety incidents or product defects, maintain records that will facilitate product recalls, and undertake other protective action.
What is the Canada Consumer Product Safety Act?
This business form is an entity, created under the authority of a statute with many of the legal rights and responsibilities of a natural person.
What is a corporation?
In this type of liability a plaintiff can look to one or all defendants for full satisfaction of their claim.
What is joint and several liability?
The default form of partnership
What is a general partnership?
This federal piece of legislation is rigorously enforced and requires businesses involved in environmentally sensitive activities to develop and implement a pollution prevention plan.
What is the Canadian Environmental Protection Act, 1999?
This type of unincorporated business form is ideal where an individual wants to invest in a business but does not want to take part in the day to day management of the business
What is a limited partnership?